Hello,
I was on the deed/loan of a property with 2 other family members. One of the three people were living in the property as their primary residence. The other 2 were on the loan in order to help the person living there qualify and were not living there. The property was never claimed as a deduction on anyone's taxes as we all use the standard deduction.
The property was sold for a gain at the end of 2022. Would it be right to assume that the person who lived there can claim the capital gain for themselves and the other 2 family members do not need to claim it? We did not profit from the sale. The person living there received the proceeds from the sale.
